What are the purposes for which I can avail loan from SHFCL?
You may avail loan from SHFCL for purposes such as Home Purchase , Home renovation, and Home extension.
What is the quantum and duration of the loans available from SHFCL?
The loans typically available from SHFCL are in the range of Rs. 1-20 Lacs and are repayable over a period of 5-20 years
What is the rate of interest and other costs involved?
SHFCL offers loans at a yearly reducing fixed rate of interest and there are other costs to be borne by the borrower such as mortage deed registration charges, Legal fees, stamp duty charges and documentation charges. Please do get in touch with our team to know in detail the costs applicable to the loan amount desired by you.
How do I know my amount of loan eligibility?
The amount of loan eligibility depends on the purchase value of the property being purchased as well as the income level of the borrower. Typically, SHFCL finances upto 80% of the property purchase value , subject to the limit that the monthly EMI value does not exceed 45% of the monthly gross income of the applicant.
What are the important factors considered for loan eligibility?
Typically, factors such as the age, educational qualifications, repayment capacity, no. of dependents, saving habits , stability & continuity of income the applicant, co-applicant's income, nature of collateral security offered are taken into consideration while arriving at the loan eligibility.